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Time Is Money
Time is Money for Today's Professionals
The old adage time is money is even more true today than yesteryear. Do you know
how much you are losing from your bottom line because of poor time management ?
First, there is no such thing as time management because you cannot manage a
constant being time. Each day is always 24 hours long, with 60 minutes per hour
and 60 seconds per minute. I am using the term because it is accepted within the
business and personal worlds of self leadership, self improvement, coaching,
etc.
Now with that said, how much is time management costing you or even your
clients.
Years ago, I came upon this simple question to ask business prospects.
Do you waste 12 minutes a day?
What is so great about this question is that everyone has always answered Yes
even if they just told me that their plate was overflowing.
So, if your income is $30,000 a year, then those wasted minutes are costing you
approximately, $750. Now research suggests that most people in business waste
closer to one hour per day.
A recent report by PopCap Games suggested that white collar businesses are
losing anywhere from 15 minutes to 60 minutes per day due to on line video game
playing from everyone especially executives. Other survey indicated that most
people are not engaged 100% on the job doing what they need to do.
If you want to increase sales and your income, then you need to address how much
time you are wasting. Then you need to determine where you can reinvest that
lost time so that you will realize your sales goals.
Let’s presume that you want to have sales of $150,000 as a solo professional.
And let’s also presume that you take 2 weeks off during the year for vacation or
even professional development. So, you have 50 weeks to make $150,000 or you
need to bill $3,000 per week.
Now within each week, you work an average of 50 hours including the regular
hours of 9 to 5, add in a few networking events, etc. Therefore each minute not
engaged is costing you $1.00 or you are losing $60 for every hour that you are
not maximizing to its full potential.
Yes, time is money when you are not using that time to its very best because you
fail to plan your work, you fail to make those calls, you fail to honour your
core values or business ethics. To reverse that trend, start realizing that
every minute wasted is costing you at least $1 and put an action plan in place
to reverse those wasted dollars.
How To Increase Your Company's
Profitability
Through Proper Time Management
So you have heard your manager say, "Time is Money"! You may have noticed he was
extremely stressed when the department was toured; he viewed his employee time
sheets and took a pencil to project costs. Managing time and money is a
necessity for any executive. They often have no viable way to track project
overruns before it's too late. This manager may have been able to pencil the
total hours worked on a particular project, but it is highly unlikely he would
be able to track the effectiveness of an individual employee or access project
history in order to quote a job based on the similarity of a project. It is
often deemed a waste of time and money to hire an employee to track time
management performance and build reports because of the time involved in
generating such a report.
Today, the adage, time is money is the synopsis of time management and money;
and is in direct correlation with how well time is managed in multiple areas
such as employee timesheets, project time tracking, project resources, time
projections of project deliverables as well as being able to access time data on
any one or multiple employees or projects.
Increasing your company's profitability is about the focal point of numbers and
the ability to access those numbers quickly to implement a plan to reduce
internal costs while increasing project profitability.
Understanding where an employee's time is spent and realigning that time as
necessary to "fit" the project at hand is a major step toward greater
profitability.
Flexibility is another important key to implementing great time management. The
ability to move resources quickly between projects and tasks without effecting
existing time entries is critical.
Having an easy to access time management history allows your company to
"guesstimate" with accuracy, the man hours of a particular project, what that
project will cost in labour and resources, the cost effectiveness of pricing as
well as effectively "quoting" based on similar, past projects. Viewing any one
or all aspects of such time management numbers and how they correlate to one
another gives insight into areas of time management improvement that leads to
greater profitability.
Time is money and to make more money it helps to know the "numbers" that make up
the time. The timely availability of those numbers is the key to unlocking the
vault of profitability. Time management and your company's profit directly
correlate to your ability to access the "numbers" on Employee Time Sheets,
Project Time Sheets and past Project Histories.
Numbers at your fingertips allow your company to make improvements to procedures
that may be necessary or perform time gap analysis on previous projects. Being
able to see the big picture of an individual employee in relation to other
employees and tracking time effectiveness on a particular project or task is
critical. Reducing employee man-hour averages per project is essential to
accentuating skills in future projection analysis and for more effective time
management strategies. The optimum situation means having the "right tool" to
manage your numbers.
Time and Money
Traditional time management is essentially a list of tasks that have been
scheduled on a calendar. For administrative personnel, this works extremely well
because it increases individual productivity enabling more tasks to be completed
in less time. However, if your livelihood is dependent upon providing services
in order to make money, this method is too short sighted.
Traditional time management principles are all about gaining control of one's
day so that more can be completed in less time. If the "more" is work that does
not make money, usually administrative work, it really doesn't matter how much
more you accomplish in a day. In order to make more money you must spend your
time doing things that make money.
The question is how to do it. The answer is assigning a monetary value to the
time you spend completing different types work. Once you know the value of the
work, reorganize the days so that the majority of time is spent doing the types
of work that make money.
It is important to consider all types of work that generate income. A common
mistake is limiting the plan to works that generate only large sums of money.
When you lack business for these types of work, the result is either an open or
chaotic schedule. Either way you lose either in decreased income or increased
stress.
It is also important to consider how often each type of work is completed. Most
often, it is the smaller services (works) which are completed routinely.
Although they generate lesser amounts of income, they usually make up the
majority of all the income earned. Effective schedule planning allocates time
for all types of work appropriately and adequately.
Time management today is much more than just gaining control of a day. It is
gaining control of the day to generate the income necessary to build and
maintain a successful business.
Time is money.
How you spend your time usually dictates how much money is made.
Spend it wisely, doing work that makes you money.
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Time is Money for Today's
Professionals Are you where you want to be? To find out where you are, then
M.A.P. for Success, a FREE email course may help you begin to chart a course of
business, professional or personal success. Visit
http://www.processspecialist.com/action-plan.htm.
Please feel free to contact me, Leanne Hoagland-Smith, Your Chief People Officer
and Business Coach for individuals and organizations that are TIRED of not being
where they want to be and want more from their businesses and lives.
219.759.5601
Article Source: http://EzineArticles.com/?expert=Leanne_Hoagland-Smith
How To Increase Your Company's Profitability Through Proper Time Management
Gregg Hall is an author living in Navarre Florida. Find more about this as well
as time management software at http://www.dovico.com Article Source:
http://EzineArticles.com/?expert=Gregg_Hall
Time and Money Successful strategies to achieve goals. Specializing in strategic
scheduling to achieve goals. A customer focused approach to increasing growth
and profits. Supplying standardized sytems that unite your goals with client
goals capitalizing on customer service.To learn more visit:
http://www.goalachievements.com/ Article Source:
http://EzineArticles.com/?expert=Constance_Knieper
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